Gold extends losses on weak global cues; silver up

Falling for a fourth straight day, gold prices cracked below the Rs 31,000-mark by losing another Rs 100 to Rs 30,950 per 10 grams today, picking weak overseas cues amid muted demand from jewellers in the domestic spot market.
Silver, however, traded higher by Rs 100 to Rs 44,900 per kg on scattered enquiries from consuming industries.
Sentiment remained downbeat, in tandem with a weakening global trend as investors await US jobs data due Friday for further cues on the timing of an interest rate hike, bullion traders said.
Globally, gold fell 0.1 per cent to USD 1,307.75 an ounce in Singapore.

Besides, tepid demand from jewellers as well as retailers at the domestic spot market fuelled the downtrend, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity eased Rs 100 each to Rs 30,950 and Rs 30,800 per 10 grams, respectively. The precious metal had lost Rs 200 in previous three days.

Sovereign, however, remained unaltered at Rs 24,300 per piece of eight grams on little doing.
In contrast, silver ready traded higher by Rs 100 to Rs 44,900 per kg, while weekly-based delivery shed Rs 25 to close the day at Rs 44,100 per kg.

Silver coins, however, ruled steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.